HSB Cyber Suite Adds New Insurance Coverage and Services to Protect Small Businesses

Business Wire | October 23, 2020

HSB Cyber Suite Adds New Insurance Coverage and Services to Protect Small Businesses
HSB Cyber Suite has your business covered, adding new insurance protection and risk management services, including website security scans and computer system upgrades to help prevent future cybercrimes, HSB announced today. HSB Cyber Suite provides a comprehensive collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, cyber extortion, and misdirected payment and computer fraud. It’s available through insurance carriers that partner with HSB to add the coverage to their commercial policies. Any business with an internet connection is vulnerable to a cyber-attack,” said James Hajjar, assistant vice president for HSB, part of Munich Re. “And while cybersecurity is complex, we don’t think getting the right insurance coverage or support needs to be. HSB Cyber Suite not only helps a small business respond and recover from a cyber-attack, but it gives them valuable resources they can use to predict and prevent cyber incidents.

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BM Customer Insight for Insurance helps you leverage dynamic customer segmentation to create a more personalized policyholder experience based on financial and life events. This demo shows how to view and share actionable insights from easy-to-use, customizable dashboards to segment policyholders based on behavior, determine churn propensity and choose retention or replacement actions and analyze life events across the span of the customer relationship.

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Pie insurance unveiled its partner portal

Cision PR Newswire | August 06, 2020

Pie Insurance, one of the nation's leading insurtechs providing workers' compensation insurance to small businesses, today unveiled its partner portal. The portal uses proprietary technology that makes it easier for partner agents to submit their clients for workers' comp coverage and track their status in real time. The partner portal features an integrated appetite checker and can make automatic decisions on more than 70 percent of class codes. Pie's ability to auto-decide such a high percentage of class codes ensures agents get the information they need faster to better serve their clients.

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Willis Draws COVID-19 Insurance Loss Picture: It’s a Wash or Historic Failure

Willis Towers Watson | May 08, 2020

Willis Towers Watson projects will see a $51 billion reduction in claims costs this year, while returning an estimated $16 billion to consumers through refunds. Refunds estimated so far are estimated at $10 billion and insurers will likely kick more back to customers if stay-at-home orders continue. COVID-19 may add $16.7 billion to U.S. workers’ compensation losses and increase losses in the U.S. and U.K. by $11 billion for business-interruption. If the novel COVID-19 pandemic is brought under control soon, the disease’s impact on the insurance industry as a whole may be pretty much a wash. It not, the industry may be on the verge of an historic catastrophe. A report by Willis Towers Watson projects that personal and commercial auto insurers in the United States and United Kingdom will see a $51 billion reduction in claims costs this year, while returning an estimated $16 billion to consumers through refunds. Refunds estimated so far are estimated at $10 billion and insurers will likely kick more back to customers if stay-at-home orders continue, the analysis says. On the other hand, COVID-19 may add $16.7 billion to U.S. workers’ compensation losses and increase losses in the U.S. and U.K. by $11 billion for business-interruption and event-cancellations, $4 billion for credit and sureties, $1.5 billion for employment practices liability and $1.5 billion for directors and officers insurance, the report says. Read More: PUSH TO CLAIM COVID-19 BUSINESS INTERRUPTION COVERAGE FAILS IN D.C. Calculating the net decrease in losses for auto ($35 billion) and comparing that to the sum of the increased losses in the other lines ($34.7 billion) results in the two numbers pretty much cancelling each other out. Moderate Scenario Those projections follow Willis’ “moderate scenario,” which assumes that four months of strict and two months of light social distancing will be effective at controlling the spread of the novel coronavirus fairly quickly. The moderate projection also assumes economic growth will resume before this fall and consumer confidence will return by winter. There are reasons to be skeptical as to whether strict social distancing will last that long. As of Friday, more than half of the U.S. states had allowed some businesses to reopen. In Georgia, consumers can even go get a tattoo or a haircut. Severe’ Scenario If a “severe” scenario projected by Willis plays out, the insurance industry could be in dire straits. While social distancing will reduce U.S. and U.K. auto claims by $77 billion, the pandemic could increase costs for other lines — primarily workers’ compensation and general liability — by $140 billion. That is more than a third of the entire $365 million in premiums reported by U.S. property and casualty insurers in 2018. The severe scenario assumes that social distancing lasts for 12 months and a global economic contraction continues until early next year. For true doomsday believers, Willis offered a “limited success” scenario that assumes governments lift social distancing rules after three months because of the catastrophic economic cost and the virus spreads until finally controlled by “herd immunity.” If that plays out, Willis projects $92 billion increase in workers’ compensation losses, a $27 billion increase for general liability and $22.7 billion more in event cancellation losses, as well as increases in losses to other lines. Optimistic’ Picture Willis also offers an “optimistic” scenario for those who see the glass as half full. That assumes government mitigation measures are highly effective and are able to control COVID-19 within three months, while consumer demand for get-away time returns within four months. In that case, auto claims drop by only $28 billion, offset by an additional $1.1 billion in business interruption and event cancellation claims and $600 million more for directors and officers claims. A $3.3 billion increase in workers’ compensation claims from the health care sector is largely wiped out by a $3.1 billion decrease in claims from workers outside of health care in the optimistic scenario. “We have not associated probabilities with these scenarios, but we we regard all of them as possible and at his point should not be considered extreme tail scenarios (although some of them may have been before the COVID-10 outbreak),” the report says. Workers’ Comp Losses Workers’ compensation line will suffer the greatest losses from the pandemic compared to other lines in each of the scenarios. Ultimate losses will vary greatly depending on how many workers are infected, and what share of those who’re infected must be hospitalized or eventually die. Willis estimated that each COVID-19 claim will bring $35,000 in medical treatment costs and $3,000 in temporary disability. Some of those will be death claims that cost an average of $1 million for physicians and $750,000 for other health care workers, the study says. In its moderate scenario, Willis assumed that 20% of hospital-employed physicians and nurses will be infected and 12.5% of other healthcare workers will be infected. That amounts to 1.1 million infected workers, with. 9.5% of them requiring hospitalization and 9,300 of them dying from the disease. Read More: TEXAS FARM BUREAU INSURANCE TO REFUND OVER $20 MILLION TO AUTO INSURANCE CUSTOMERS In the worst-case, “limited success” scenario, Willis projects a 75% infection rate for all health care workers, resulting in 7.9 million cases and 129,000 deaths. The broad range of scenarios that Willis included in the report mirrors an analysis released earlier this month by the National Council on Compensation Insurance. That report projected losses ranging from $2 billion to $81 billion, depending on infection rates and the number of claims that are deemed to be compensable. In conclusion, Willis said the cumulative impact of the pandemic could “substantially exceed” losses from the Sept. 11, 2011 terrorist attack on the World Trade Center. Along with those losses, the industry faces a serious risk that its reputation will suffer, the report says. A good portion of these losses will probably be considered to have been unintended, arising from broad wordings in smaller commercial policies, It will also beg a question however as to the full extent this should be transferred into the industry, which after all exists to provide continuity for just this type of event. - A report by Willis Towers Watson projects. AboutWillis Towers Watson Willis Towers Watson (NASDAQ: WLTW ) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has more than 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance.

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CORE INSURANCE

Attune Partners with Hiscox to Offer General and Professional Liability Products

Attune, Hiscox | January 25, 2021

Attune Insurance Services has declared the dispatch of new broad risk and expert obligation items, with Hiscox filling in as the transporter. The organization adds in excess of 180 new classes and two conceded items to Attune's foundation. “We are removing the friction from small business insurance by enabling brokers to serve their small business customers in minutes,” said James Hobson, CEO of Attune. “We are excited to partner with Hiscox, a company that combines innovation with a leading, specialist approach, to provide our brokers with even more opportunities to grow their businesses.” Under the partnership, all intermediaries with admittance to Attune's platform will have the option to cite and issue general risk and professional liability products, in addition to business owners, workers’ compensation, and commercial excess liability policies. “In the COVID era, the trend of small businesses adopting digital trading is only accelerating,” said Kevin Kerridge, executive vice president for small commercial at Hiscox USA. “Attune is at the heart of that shift, and we’re thrilled that brokers will be able to access Hiscox products through their platform, aided by our investment in integration technology. We share a cultural and strategic alignment with Attune, which promises a solid foundation for a successful partnership.” Attune said that in addition to improving its technology platform, it will likewise keep adding items, extending its craving, and upgrading its client experience consistently.

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